Bitcoin: “Price should stay above $ 10,100” – BTC analyst expects new all-time high
Bitcoin: "Price should stay above $ 10,100" - BTC analyst expects new all-time high
As the Bitcoin price continues to move up against the traditional January blues, sentiment is becoming bullish again . Even popular analyst Josh Rager tweeted about Bitcoin that “the price should stay above $ 10,100 on the way to a new ATH.”
That may seem a little premature, as we’re still just under $ 9k at the time of writing. But, according to Rager, it’s about the importance of the so-called point of control (POC).
Point of Control acts as a Bitcoin price support
The point of control (POC) is simply defined as the price level of the Bitcoin with the highest traded volume for a certain period.
Let’s look at the period from November 2017 to November 2018 – that covers Bitcoin’s current all-time high as well as most of the rally that led him there and the subsequent collapse.
The POC for this period was $ 6,400.
Fixed range Volume Profile shows the importance of Point of Control (POC) for a major range to act as support
2018 POC held as support at $6,400s
IMO, we should see the 2019 POC act as support at $10,100
= Price should stay above $10,100 on its way to new ATH pic.twitter.com/VkpUYqTYrO
— Josh Rager 📈 (@Josh_Rager) January 17, 2020
As Rager emphasizes, this POC held at $ 6,400 as support during the breakdown after Bitcoin’s mid-2009 recovery.
Finally a new all-time high
Rager then looks at the period from June to September 2019 and thus covers the rally from mid-2009. The POC for this period was $ 10,100.
According to Rager, this level will serve as a support once it is breached, as the 2018 POC did.
That in turn means that it doesn’t matter that we haven’t quite broken through the $ 9,000 mark. But it gets really bullish when they are cracked and $ 10,100 is broken.
And with luck, the next time we break through the five-digit amount, we should be on our way to a new ATH.
Not quite there yet
Before the big party starts, however, we first have to get five digits.
Rager himself emphasized that the $ 9,400 bitcoin price level – which was considered support for the rally from June to September 2019 – is a significant area to break through.
If Bitcoin price gains continue at current levels, we could reach this goal within the next week. Then we should see if we can shake off the January blues for the rest of the month.